The Vancouver, British Colombia-based company makes athletic apparel, including and especially yoga wear and related supplies. It operates retail stores in Australia, Canada, New Zealand and the United States. Cramer still considers it a “relatively small” company, though, with many years of upside to come. He outlined ten reasons why it’s among his fave growth stocks.

1. Clear Growth Path: Lululemon generates strong same-store sales numbers. It increased by 26 percent last quarter while the average retailer posted a 4 to 5 percent increase. The company is also expanding locations and growing its online business.

2. Market For Products: Athletic apparel is a huge market that Cramer thinks will continue to grow.

3. Competition: Cramer thinks Lululemon will remain competitive because it has built a respected brand with stores that people love to shop.

4. Capital To Shareholders: Right now, it makes more sense for Lululemon to invest its cash in its expanding business, Cramer said. The decision will ultimately reward shareholders by way of a higher share price, he explained.

5. International Expansion: Lululemon already has 19 stores in Australia and New Zealand, Cramer said, but it plans to expand into various international markets.

6. Balance Sheet Strength: Cramer called Lululemon’s balance sheet “pristine,” as it ended last year with $409 million in cash and no debt to speak of.

7. Is It Expensive?: Lululemon currently sells for 35 times next year's earnings estimates, which Cramer doesn’t think is too bad considering its 30 percent long-term growth rate should translate into higher earnings in a few years.

8. Strong Management: Cramer had praise for CEO Christine Day.

9. Secular Growth: As a retailer, a healthy economy helps Lululemon, but Cramer said it’s built itself into a “lifestyle brand” that can’t be daunted by a sluggish economy.

10. Margin Growth: Cramer thinks Lululemon can grow its margins by making existing stores more productive. It also curbs increased cotton costs by using synthetic fabrics.

For those interested in Lululemon, Cramer suggests waiting for a pullback. The market will almost definitely provide an opportunity, so just be patient.